London House Price Variations North and South of the River Thames are Set to Level Out
Wooster & Stock news release 18th June 2012
Prices of homes south of the River Thames are set to catch up with the higher prices north of the river. Camberwell Grove in south east London’s SE5 has been named as one of the most beautiful streets in the capital.1Yet with prices of homes in this exceptional street ranging from just £250,000 to £2m, it can be argued that London’s property prices are wrongly biased by location and likely to level out.
According to leading south London estate agent, Wooster & Stock, this is fabulous news for South London. Becky Munday, Head of Sales, Wooster & Stock comments: “Although this is an exceptional and affluent street that appeals to the privileged and elite, it is an amazingly affordable option for property buyers, in comparison to similar avenues north of the river. For example, many of our buyers are currently moving from Islington addresses where they can maintain their style and quality of life, but with the benefit of a lower mortgage.
“Despite its proximity to the City and central London, Camberwell Grove and Grove Lane are two of the most picturesque and desirable residential streets in London. The beautiful examples of Georgian architecture are flanked by plane trees that line the street and many of the terraces have fabulous gardens. Phase 2 of the East London line extension is coming to Denmark Hill in December 2012 and will add further value to homes here.
“This has been home to former Prime Ministers and actors2 over the years and its development from a middle-class strong-hold, to working-class estate and back to middle-class prosperity has been intimately tied up with the development of the capital, as the BBC’s ‘The Secret History of Our Streets’ revealed this week.”3
The latest BBC series examines the changing face of our local neighbourhoods, since Charles Booth’s survey of London, which was begun in 1886. Over a period of 17 years, Booth visited every one of the capital’s tens of thousands of streets and produced a series of social maps, colour-coded according to the class of the streets’ residents.4
Through residents’ accounts, the Camberwell Grove episode tells the story of the mechanics of the neighbourhood and how “a broad, leafy street of fine Georgian houses” has become “an elegant oddity” and treasured part of “the seething inner city.”5
Becky continues: “Camberwell Grove is so leafy and calm that it’s often hard to believe that it is located just minutes from central London and although it is a sought after residential area, due to south east London’s great value for money, it is more affordable than ever to enjoy the beauty and convenience of this neighbourhood. Property prices have remained relatively affordable, in comparison to other areas north of the river.”6
Wooster & Stock is currently selling a number of beautiful apartments and family homes on Camberwell Grove, ranging from approximately £250,000 to £1.25m. An ultra stylish two double bedroom apartment, spanning the entire top floor of one of the Georgian terraces is on the market for £399,950. It features an elegant bathroom with Moleanos Italian limestone, a sleek kitchen with breakfast bar, leafy views from the reception across to the London Eye and Big Ben, sweeping bedroom views of the Shard and the Gherkin to Canary Wharf and access to the mature front and rear gardens.
Local residents can enjoy the fruits of Camberwell’s eclectic cultural mix, with the Crooked Well, Angels and Gypsies and No. 67, favourite haunts for a meal or Sunday morning coffee. Lettsom Gardens sits at the top of Camberwell Grove (a private gardens, for local residents only) and Ruskin Park is nearby which offers shady parkland and tennis courts, while transport is also a breeze with trains from Denmark Hill station journeying to London Victoria in around 15 minutes.7 The forthcoming East London Line extension will also provide residents with direct access to Shoreditch and Canary Wharf.
For further details, please contact Wooster & Stock via www.woosterstock.co.uk or call:
Camberwell 020 7708 6700 | Brixton 020 7952 0590 | Sydenham 020 8613 0060
Sources: models
1http://www.homesandproperty.co.uk/area_guides/london/spotlightoncamberwell.html
2Former residents have included Prime Minister John Chamberlain and acclaimed actors Peter O’Toole and Sir Ian McKellen.
3 The Secret History of Our Streets: http://www.bbc.co.uk/programmes/b01jzpm3
4 Booth’s social index included yellow for the ‘Servant Keepers’ and black for the ‘Vicious and Semi-Criminal.
5 http://www.bbc.co.uk/programmes/b01jzpm3
6 According to Zoopla, The average price of a flat in Camberwell Grove, SE5 is £354,147 compared to £494,846 in Islington Park Street, N1:
http://www.zoopla.co.uk/home-values/london/camberwell-grove/
Press contacts:
Julia Arnold or Rebecca Dwyer at Sky Communications International
t: +44 (0)1273 355 111 or e: julia.arnold@skycommunications.co.uk
